By Paul A. Harris
Portland, Ore., July 24 - Travelex Financing plc completed a £350 million sale of five-year senior secured notes (B2/B) in two tranches on Wednesday, according to a market source.
A £200 million tranche of fixed-rate notes priced at par to yield 8%, and a £150 million tranche of floating-rate notes priced at par to yield Euribor plus 600 basis points.
BofA Merrill Lynch was the lead left bookrunner. Deutsche Bank, Barclays, Lloyds TSB and UBS were joint bookrunners.
The London-based foreign exchange company plans to use the proceeds to refinance debt.
| Issuer: | Travelex Financing plc
|
| Amount: | £350 million
|
| Maturity: | Aug. 1, 2018
|
| Securities: | Senior secured notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | Deutsche Bank, Barclays, Lloyds TSB, UBS
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | £200 million
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Call protection: | Two years
|
|
|
| Floating-rate notes
|
| Amount: | £150 million
|
| Coupon: | Euribor plus 600 bps
|
| Price: | Par
|
| Yield: | Euribor plus 600 bps
|
| Call protection: | One year
|
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